Strive is on the hook for a 16.67% annualized dividend on its $90 $SATS IPO and still won't commit the $608M net proceeds to Bitcoin. The $630M raise could buy ~7,372 BTC at $82,500, enough to top Met

What happened: Strive closed its upsized IPO of SATS preferred stock on Oct. 20, raising $630 million gross, but did not specify how much of the proceeds it will use to buy Bitcoin. Key numbers: 7 million shares sold at $90 each. Estimated net proceeds of $608.15 million. SATS carry a 15% annual dividend on a $100 stated amount, equal to 16.67% of the IPO price. Why it matters: A full allocation could push Strive past Metaplanet's reported 44,000 BTC. Strive said proceeds may fund general corporate purposes, including Bitcoin purchases, working capital and acquisitions.

Strive closed its upsized IPO of SATS preferred stock on Oct. 20, raising $630 million gross, but did not specify how much of the proceeds it will use to buy Bitcoin.

A full allocation could push Strive past Metaplanet's reported 44,000 BTC. Strive said proceeds may fund general corporate purposes, including Bitcoin purchases, working capital and acquisitions.